100 Speedway Dr Newark, OH 43055-7385

Property Details for 100 Speedway Dr

Year built

2007

Lot size

1.21 lot acres

Property size

3,320 SF

Property type

Drive through restaurants

APN

020-042342-00.003

APU

2004234200003

Description

This exceptional investment opportunity presents a 3,320 square foot Arby's restaurant located at 100 Speedway Drive, Hanover, Ohio 43055. The property sits on a 1.21-acre lot with 41 parking spaces and boasts excellent visibility from State Road 16, a high-traffic area with nearly 36,570 vehicles per day. The building, constructed in 2007, is currently operating at 100% occupancy under an absolute NNN lease with a corporate guarantee from Inspire Brands, the parent company of Arby's. The lease, originally commencing September 30, 2007, has recently been extended, providing a remaining term of 9.9 years with an expiration date of October 31, 2034. The lease includes four, five-year renewal options and features annual rent increases of 1.70%, offering a strong hedge against inflation. The current asking price is $2,053,000, resulting in a 6.00% cap rate and a net operating income (NOI) of $123,177. This property benefits from a prime location, with proximity to the Cherry Valley Hotel (200+ rooms) and a Speedway gas station. The surrounding area demonstrates ideal demographics, with over 46,000 residents within a 10-minute drive boasting an average household income exceeding $81,500. This is a passive investment opportunity with zero landlord responsibilities, making it an attractive addition to any portfolio. The property is offered as a 1031 exchange opportunity.

Location Insight

City

Newark

County

Licking

State

Ohio

Longitude

-82.4826

Latitude

40.0554

CBSA code

18140

CBSA name

COLUMBUS, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments